The cost of futures for Brent crude oil for delivery in May 2020 during trading on the ICE exchange in London drops by 42.6% up to $ 31.74 per barrel, TASS reported.

The cost of the April WTI oil futures fell by 48.9% and is at nearly $ 27.72 per barrel.

Oil is falling amid news that OPEC + countries could not agree on an additional reduction in oil production amid falling demand due to coronavirus.

OPEC has proposed to further reduce production by 1.5 million barrels per day until the end of 2020. However, Russia and Kazakhstan opposed this proposal. Russia insisted on the extension of the current agreements only for the second quarter.